2024年8月30日上午，现代供应链管理研究院第106期学术论坛在笃行楼712会议室如期举行。主讲人Chee-Wee Tan（陈致玮），香港理工大学管理与营销学系教授。他的研究领域主要集中在与数字平台相关的设计和创新问题上。报告题目为“Infectious Confidence: Unraveling the Effects of Confidence Contagion on Overfunding in Equity Crowdfunding”。

论坛上，Chee-Wee Tan（陈致玮）教授就他的研究成果，向在场的参会人员进行了生动的汇报分享。讲座中，参会者围绕“信心传染对于超额股权融资的影响”主题与陈教授展开了热烈讨论，思想碰撞激烈。未来，我院将继续加强高质量科研交流平台的建设，为学者们提供更多的交流与合作机会，共同打开科研工作的新局面，并为学校的双一流建设注入新的活力。

【摘要】

 Overfunding was touted as extraordinary success in equity crowdfunding since fundraisers receive more funds than the intended funding goal. A novel theoretical lens is in demand for comprehending why funders show an exceptional level of enthusiasm in supporting certain equity crowdfunding campaigns that far exceeds their fundraisers’ original expectations. Building on extant literature on contagion effect, we construct a research model that posits confidence contagion enacted by confidence cues embedded in campaign materials as a key driver of overfunding. Our hypotheses were validated in two complementary empirical studies. In Study 1, we manipulated confidence cues in a controlled experiment to verify the enactment of confidence contagion at the individual level. Analytical results indicate that individual funders can perceive self-confidence traits from confidence cues embedded in campaign materials and assimilate fundraisers’ confidence via a spontaneous social appraisal mechanism. In turn, confidence contagion can drive funders to congregate and invest in a campaign. In Study 2, we analyzed a secondary dataset collected from a leading equity crowdfunding platform to discern how confidence contagion drives overfunding at the collective level. By modeling funding activities as a Hawkes process, we derived three key metrics that govern the emergence and magnitude of funding surges. We demonstrated that these metrics of funding surges mediate the impact of confidence cues on the level of overfunding for each equity crowdfunding campaign. Findings from this study can inform future research that seeks to untangle the interdependencies between individual and collective mechanisms underlying crowd phenomena. Fundraisers who could benefit from excessive funds can harness insights from this study to strategize their campaigns. Likewise, crowdfunding platforms can leverage on our findings to pred.

【报告人简介】

Chee-Wee Tan现为香港理工大学管理与营销学系教授。曾担任哥本哈根商学院研究教授（卓越特聘）。他于英属哥伦比亚大学获得管理信息系统专业博士学位。他的研究领域主要集中在与数字平台相关的设计和创新问题上。  

撰稿：王   戈

初审：冯月昕

复审：刘   旭

终审：张   颖